Write my essay on ACC/206 ACC206 ACC 206 Week 1 Homework Chapter 10

ACC 206 Week 1 Homework Chapter 10 Brief Exercise 10-2 Rich Castillo Company incurs the following expenditures in purchasing a truck: cash price $28,660, accident insurance $2,560, sales taxes $2,040, motor vehicle license $224, and painting and lettering $650. What is the cost of the truck? Brief Exercise 10-8 Flaherty Company had the following two transactions related to its delivery truck. 1. Paid $91 for an oil change. 2. Paid $670 to install special gear unit, which increases the operating efficiency of the truck. Prepare Flaherty- journal entries to record these two transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Brief Exercise 10-11 (Part Level Submission) Franceour Mining Co. purchased for $4,277,300 a mine that is estimated to have 42,773,000 tons of ore and no salvage value. In the first year, 2,877,300 tons of ore are extracted and sold. Calculate depletion cost per ton. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per ton $ Prepare the journal entry to record depletion expense for the first year. (Round answers to 0 decimal places, e.g. 2,125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Exercise 10-8 (Part Level Submission) Terry Wade, the new controller of Hellickson Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2014. His findings are as follows. Date Accumulated Depreciation Useful life in Years Salvage Value Type of Asset Acquired Cost 1/1/14 Old Proposed Old Proposed Building 1/1/08 $815,100 $116,085 40 50 $41,200 $44,295 Warehouse 1/1/09 113,000 21,520 25 20 5,400 31,480 All assets are depreciated by the straight-line method. Hellickson Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Terry- proposed changes. Compute the revised annual depreciation on each asset in 2014. Building Warehouse Revised annual depreciation $Description: Entry field with incorrect answer $Description: Entry field with incorrect answer Prepare the entry to record depreciation on the building in 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Exercise 10-9 Presented below are selected transactions at Ridge Company for 2014. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $61,140 on that date. It had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2011. The computer cost $35,040. It had a useful life of 5 years with no salvage value. The computer was sold for $13,030. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2010. The truck cost $35,760. It was depreciated based on a 6-year useful life with a $2,460 salvage value. Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ridge Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2013.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Exercise 10-13 (Part Level Submission) Gill Company, organized in 2014, has the following transactions related to intangible assets. 1/2/14 Purchased patent (5-year life) $446,850 4/1/14 Goodwill purchased (indefinite life) 369,560 7/1/14 11-year franchise; expiration date 7/1/2024 363,440 9/1/14 Research and development costs 165,720 Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2014, recording any necessary amortization. (Record entries in the order presented in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Problem 10-3A (Part Level Submission) On January 1, 2014, Evers Company purchased the following two machines for use in its production process. Machine A: The cash price of this machine was $46,300. Related expenditures included: sales tax $2,400, shipping costs $110, insurance during shipping $90, installation and testing costs $50, and $170 of oil and lubricants to be used with the machinery during its first year of operations. Evers estimates that the useful life of the machine is 5 years with a $5,300 salvage value remaining at the end of that time period. Assume that the straight-line method of depreciation is used. Machine B: The recorded cost of this machine was $203,200. Evers estimates that the useful life of the machine is 4 years with a $11,500 salvage value remaining at the end of that time period. Prepare the following for Machine A. (Round answers to 0 decimal places, e.g. $2,125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. The journal entry to record its purchase on January 1, 2014. 2. The journal entry to record annual depreciation at December 31, 2014. No. Account Titles and Explanation Debit Credit 1. Description: Entry field with incorrect answer Description: Entry field with incorrect answer Description: Entry field with incorrect answer Description: Entry field with incorrect answer Description: Entry field with incorrect answer Description: Entry field with incorrect answer 2. Description: Entry field with incorrect answer Description: Entry field with incorrect answer Description: Entry field with incorrect answer Description: Entry field with incorrect answer Description: Entry field with incorrect answer Description: Entry field with incorrect answer Calculate the amount of depreciation expense that Evers should record for machine B each year of its useful life under the following assumptions. (Round depreciation cost per unit to 2 decimal places, e.g. 12.25. Round final answers to 0 decimal places, e.g. $2,125.)
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